The Importance Of Digital Marketing In The Development Of Business

Owing to the advent of technology, businesses, irrespective of their scale of operations are investing everything they have to keep up with the dynamics of today’s digital market. Companies which already have an online presence are beefing up their marketing strategies, and rest are rapidly moderating their business models to ensure compatibility with the promptly evolving digital world. Let’s delve into some of the statistics that will help in adumbrating the importance of digital marketing.

Get The Timeless Reading eBook in PDF

Get the entire 10-part series on Timeless Reading in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

Approximately 49% of companies have invested in a digital marketing plan, and the numbers will substantially rise in the coming years.

In the coming years, over 80% of companies will increase their digital marketing budget which is speculated to go beyond the overall budget of the IT sector.

These statistics clearly indicate that digital marketing has become the need of the hour, if not the need of yesterday. To further shed light on the subject, let’s look into the advantages of digital marketing.

Top value fund managers are ready for the small cap bear market to be done

During the bull market, small caps haven't been performing well, but some believe that could be about to change. Breach Inlet Founder and Portfolio Manager Chris Colvin and Gradient Investments President Michael Binger both expect small caps to take off. Q1 2020 hedge fund letters, conferences and more However, not everyone is convinced. BTIG strategist Read More

Generating Precise Return on Investment

Using traditional marketing techniques like Billboards, flyers, newsletters, etc., often make it difficult to fetch relevant data or return on investment subjecting to the specific strategy. Hence, it gets ambiguous as to what’s working for the business and what’s not. Analytical tools like Google Analytics, MixPanel, Heap Analytics, etc., on the other hand, offer easy and measurable data. These data highlight the cost-effectiveness of your expenditures and determine which strategy is providing effective leads, sale, ROI, etc. In fact, the analysis can be used to pinpoint the weakness in your digital marketing ideas, which then can be addressed by rectifying measures.

Digital Marketing Benefits Your Audience

For a business to flourish in this vigorous market, it has to have an immaculate online reputation. It is evident that customers pull up extensive online research before they associate with a brand. The success of digital marketing ideas also relies on establishing distinct platforms to build a personal rapport with your targeted audience. Investing in social media platforms, email marketing, blogs, etc. will help you in reaching out to your customer base and exhibiting why you are the right choice for them. Also, these platforms can also be reliable sources for your customers to connect with you and ask queries or give feedback, hence helping you build a loyal clientele.

Availing Reliable Conversion Rates

The ultimate aim of any marketing strategy is to convert the leads into sales. While traditional marketing strategies delivered little to no inputs, digital marketing accords insights at every step of the way. When your marketing strategies are solely directed toward the targeted audience, probability of conversion comparatively increases. You have the opportunity to closely monitor on how much traffic you have generated and how many of them have transformed into subscribers, hot leads, and eventually loyal customers. This way, you have comprehensive data in real-time that allows you to calculate and analyse your digital marketing ideas to amplify better conversion rates in the future.

A Streamlining Platform for Small Business

The advantages of digital marketing for small business depends a lot on the budget, as well as the strategy to connect to a wider sphere of audience within that budget. In the past, for small businesses, the idea of putting themselves in the digital world seemed far-fetched. However, today 32% of small-scale businesses invest only in online marketing. Apart from the importance of digital marketing, businesses have realized the dominance of customized marketing which traditional marketing forms fail to provide. Therefore, if a small-scale business wants to create their foray in the market, retaining a digital footprint is a must.

The Pervasive Presence of the Market

Digital marketing skyrocketed because it burnt the bridge that restricted communication between brands and users and vice versa. Every internet user today carries a smartphone that allows them access to information real-time. According to reports, in 2017, around 188.4 million people shopped via mobile phones. This is the prominent reason why companies have customized their websites to work efficiently on every device, either in the form of mobile versions or mobile apps. The digital realm is omnipresent, thus businesses have to walk the extra mile to ensure they are available to the world 24*7.

Earlier small businesses were focused on competing within the local market. Globalization and digitization has led to the growth of both, omnipresent opportunities and omnipresent competition. Other than effective digital marketing ideas, businesses need to come up with strategies to make an abiding impact on their audience. The only way to survive today’s cut-throat competition is to ace that competition, and adopting an effective digital marketing strategy gets you a step closer to achieving it.

Sheeraz is our COO (Chief - Operations), his primary duty is curating and editing of ValueWalk. He is main reason behind the rapid growth of the business.
Sheeraz previously ran a taxation firm. He is an expert in technology, he has over 5.5 years of design, development and roll-out experience for SEO and SEM. - Email: sraza(at)valuewalk.com

FOLLOW VALUEWALK ON

ABOUT VALUEWALK

ValueWalk.com is a highly regarded, non-partisan site – the website provides unique coverage on hedge funds, large asset managers, and value investing. ValueWalk also contains archives of famous investors, and features many investor resource pages.

The Life and Career of Charlie Munger

You can learn from Charlie Munger firsthand via this incredible ebook and over a dozen other famous investor studies by signing up below:Charlie is more than just Warren Buffett’s friend and Berkshire Hathaway’s Vice Chairman – Buffett has actually credited him with redefining how he looks at investing. Now you can learn from Charlie firsthand via this incredible ebook and over a dozen other famous investor studies by signing up below:

Learn from the best and forever change your investing perspective

One incredible tidbit of knowledge after another in the page-turning masterpiece of a book

Discover the secrets to Charlie’s success and how to apply it to your investing